The nature and purpose of economic activity

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  • Created by: William
  • Created on: 30-09-10 12:33

Goods

GOODS

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tangible products that can be touched or consumed.

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Services

SERVICES

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Things other people or business do for you.

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Need

NEED

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Something necessary to sustain life

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Want

WANT

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Something chosen to satisfy a need or to make life more enjoyable

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Effective demand

EFFECTIVE DEMAND

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Demand for a product that is backed up by an ability and willingness to pay for it.

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oppertunity cost

OPPORTUNITY COST

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The cost of one item in one terms of the next best alternative that must be forgone

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